Planning Commission Agenda and Packet 2022 06 23

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Planning Commission Meeting Minutes June 09, 2022 Page 5 of 14 automatic inflator other than that housing prices can fluctuate up or down. Having an automatic inflator could possibly not capture the up or down fluctuation in the actual sales price of housing. Krantz brings up section 17.76.0605A and 17.76.0605B, which mentions the 30-year expiration for rentals. Ritchie says staff can take a closer look at the wording of that section so that there is no conflict of interest. Zuccaro says if you are going to get rid of the deed restriction on the rental, you still have to contribute money to the program. The City is still ensuring a financial contribution to affordable housing even after that 30-year period. Brauneis mentions that the 30 years was the longest period given to us as an option. Discussion by Commissioners: Hoefner says he thinks affordable housing is important. He is unsure if this is the policy that will get us there. 30% seems like a high number but he is curious what the numbers will show from a housing study. He does think existing landowners will have to pay for that 30%, the people buying the market rates, and to a lesser extent, the developers. He mentions the importance of packaging this with real incentives and is an important discussion to have with local developers. He concludes with being unsure if this ordinance is ready for approval. Moline agrees with Commissioner Hoefner. He is not prepared to approve this. He thinks it is dangerous to pick a percentage that has not been studied regionally yet. We need to take the time to get our own housing study within the city and then prepare to move forward. This is an important part of our Comprehensive Plan. He agrees that we need to create some ways to have incentives that are beneficial to the landowners. Diehl agrees with the comments already stated. He thinks the 30% is much to blunt of a number. It is important that the developers know how important affordable housing is to Louisville. There are plenty economic upsides to having units that include affordable housing. Krantz says that affordable housing is essential, especially since there are people working in Louisville that cannot afford to live here. She does not necessarily object to the 30% number but agrees it is a blunt instrument and might not be the way to do it. She does think it is better than doing nothing and waiting for a housing study or the Comprehensive Plan. The city could find ways to improve this ordinance in the short term and amend it in a way that is still feasible to use. Howe says the best things to discuss is what we can pass along to City Council. He says it seems like there are sections of the code that we want to look at. How do we increase the affordable housing with more units? It seems like the timing might be too premature. Osterman agrees with the other commissioners. She is in support to include affordable housing but cannot justify the 30% without more data to support that number. That is her main concern. We need the results of the housing study in order to make an informed decision about the percentage amount. For this reason, she cannot find herself supporting it at this time. Brauneis says he thinks this issue is so important that we need to take the time to handle it right. At this point, he cannot support a motion to move this forward. Staff and the commissioners discuss whether to put the resolution to a vote in order to approve or deny. Staff mentions that they could re -word the drafted ordinance to reflect 7